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\begin{tabular}{lccccc} \hline
 & (1) & (2) & (3) & (4) & (5) \\
 & OLS & OLS & OLS & 2SLS & System GMM \\
VARIABLES & Democracy dummy (Boix et al) & Democracy dummy (Boix et al) & Democracy dummy (Boix et al) & Democracy dummy (Boix et al) & Democracy dummy (Boix et al) \\ \hline
 &  &  &  &  &  \\
Arms technology lag = L, & 0.46*** & 0.49*** & 0.49*** & 1.00*** & 0.20*** \\
 & (0.11) & (0.11) & (0.11) & (0.37) & (0.06) \\
Lag GDP per capita (log) = L, & -0.28*** & -0.29*** & -0.32*** & -0.36*** & -0.21*** \\
 & (0.06) & (0.06) & (0.07) & (0.08) & (0.07) \\
Small arms lag = L, & 0.07 &  &  &  &  \\
 & (0.08) &  &  &  &  \\
Arms technology lag to Western Europe = L, &  & -0.27 &  &  &  \\
 &  & (0.52) &  &  &  \\
 &  &  &  &  &  \\
Observations & 2,374 & 2,374 & 1,888 & 1,888 & 1,907 \\
Sample & Full & Full & Excl. WEU & Excl. WEU & Excl. WEU \\
Countries & 143 & 143 & 127 & 127 & 153 \\
 Kleibergen-Paap F-statistic &  &  &  & 39.67 &  \\ \hline
\multicolumn{6}{c}{ Robust standard errors in parentheses} \\
\multicolumn{6}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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